Indons buys S’pore telco biz

Indonesian private equity firm Northstar Group is expanding into take-private deals, agreeing to buy a majority stake in Singapore-listed Nera Telecommunications and offering to buy the entire company for around US$146m

Norway’s Eltek ASA said it has agreed to sell its 50.1% in Nera to Northstar, part-owned by TPG Capital, a major US private equity firm for S$88.8 m (US$72.6 mn) or S$0.49 a share. Northstar will extend the same offer for the remaining shares in a mandatory unconditional cash offer.